In February, the Punta Gorda, FL market saw a decline year-over-year in new home closings, sliding down after a bump in January 2016. New home closings saw a decline of 18.2% from the year earlier to 18. This was after the housing market saw a 11.8% boost year-over-year in January.
A total of 289 new homes were sold during the 12 months that ended in February, down from 293 for the year that ended in January.
Of the total number of closings, new home closings made up 4.2%. A year ago, 3.5% of total closings were new home closings. Following a year-over-year decline in January, closings of new and existing homes also slid year-over-year in February.
Pricing and Mortgage Trends
The average price of newly sold homes grew year-over-year 6.7% in February to $234,869 per unit. This bump is smaller than the 21.0% lift in January year-over-year.
Average mortgage size on new homes jumped year-over-year along with new home prices. In February 2016, average mortgage size gained 37.7% from a year earlier to $190,234. In January 2016, average mortgage size on newly sold homes saw a 51.4% hike year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have slumped. Attached unit closings climbed from 9.1% of all closings in February 2015 to 11.1% of closings in February 2016. At the same time, the share belonging to single-family homes slid to 88.9% of closings from 90.9% of closings.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in February, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 16.9% of existing closings, lower than 35.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.6% in February from 14.3% a year earlier while REO closings as a percentage of existing home closings declined to 12.3% from 20.9% a year earlier.